Search Legislation

Income Tax (Trading and Other Income) Act 2005

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 521

 Help about opening options

Alternative versions:

Status:

Point in time view as at 07/04/2005.

Changes to legislation:

There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 521. Help about Changes to Legislation

521The property selection conditionsU.K.
This section has no associated Explanatory Notes

(1)The property selection conditions are—

(a)the general selection condition (see subsection (2)), and

(b)the class selection condition (see subsection (3)).

(2)Property meets the general selection condition if, at the time when it may be selected, the opportunity to select property falling within the same category is available to—

(a)all policy holders of the insurance company, or

(b)persons acting on behalf of those policy holders.

(3)Property meets the class selection condition if, at the time when it may be selected, the opportunity to select property falling within the same category is available to—

(a)a particular class or classes of policy holders of the insurance company, or

(b)persons acting on behalf of the members of that class or those classes.

(4)A group of policy holders to whom the opportunity to select property falling within a particular category is available is a “class” for the purposes of subsection (3) if—

(a)neither membership of the class nor the opportunity are limited to connected persons,

(b)the question whether a policy holder is a member of a class, or has the opportunity, is determined solely by the insurance company, and

(c)the opportunity is clearly identified in marketing or other promotional material published by the insurance company to members of the public, or members of the public who are intending investors, as available generally to any person falling within its terms.

(5)In this section—

  • holder” has the meaning given by section 516(5), and

  • policy holder” includes a holder of a life annuity contract.

Back to top

Options/Help

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?